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随着所有者与经营者的分离,出现了委托-代理关系,企业的所有者成为委托人而经营者成为代理人。之前,所有者与经营者往往是同一个人,经营者的努力程度最大化也就意味着所有者利润的最大化。然而,所有者与经营者的分离导致经营者的努力程度并不能总是达到最大化,进而导致所有者利润和企业效率不能达到最大化。实证研究表明,代理人的努力程度、效率与委托人-代理人之间的双边信任程度呈正相关关系,这意味着不仅可以通过完善委托-代理制度而且可以通过强化信任来提升企业的效率。然而,信任不是市场经济本身的产物而是社会关系及其文化的产物,因此提升信任程度的路径只能到社会关系及其文化中去寻找。熟人关系、传统社会关系网络、社会征信系统、法律制度、诚信教育和诚信文化等社会元素共同构成了信任的社会保障和运行系统,所有这些正是提升委托人与代理人之间双边信任的新型路径。
With the separation of owner and manager, the principal-agent relationship has emerged. The owner of the enterprise becomes the principal and the manager becomes the agent. In the past, owners and managers tended to be one and the same. The maximization of managers ’efforts meant that the owners’ profits were maximized. However, the separation between the owner and the manager can not always maximize the effort of the manager, resulting in the failure of the owner to maximize the profit and the efficiency of the enterprise. Empirical studies show that the level of effort and efficiency of agents is positively correlated with the degree of trust between principal and agent, which means that the efficiency of enterprises can be enhanced not only by improving the principal-agent system but also by strengthening trust. However, since trust is not a product of the market economy but a product of social relations and its culture, the path to increasing trust can only be found in social relations and its culture. Social elements such as acquaintances, traditional social networks, social credit systems, legal systems, integrity education and good faith culture together form the social security and operational system of trust, all of which enhance the bilateral trust between the client and the agent New path.